does this formula right here look
familiar to you it goes along the lines
of this you earn $1 per hour times 40
hours a week or in my case 80 hours a
week to get a paycheck every two weeks
but I want to ask you something
where did you learn about this formula
school teach it to you did your employer
teach it to you where did you learn that
dollars per hour times time worked
equals your paycheck I learned this from
my parents when I was 15 years old my
dad told me that he would pay me to mow
our lawn out front and in the backyard
and so you know I remember wondering you
know how dad how does this actually work
and he explained to me that I had to
decide what I would work per hour and he
would pay me that amount per hour times
the number of hours that it took to
actually mow both of our lawns so you
know my dad being the great guy he is
decided that $10 an hour was what he was
going to pay me to actually mow our
lawns and I was the first time that it
ever instilled in my brain that my time
and my energy in my life was worth $10
per hour so let's say instead of working
the two to four hours that it took me to
mow both my back and front lawn I
decided to go full time and work 80
hours a week
mowing people's lawns so let's say that
I did this and I worked by a normal
accounting job scheduled and worked 80
hours a week mowing lawns for $10 an
hour this means that if I work 80 hours
a week that I would make 80 times 10 or
$800 per week and basically all of my
waking hours for the entire week would
be spent mowing lawns for $10 an hour so
let's say that I wasn't happy with that
$800 a week for 80 hours of my time
making $10 an hour at the end of the day
there's only two variables that control
your paycheck the first variable is time
if I wasn't happy with the $800 a week I
could work 90 hours a week and instead
of making $800 I would make $900 but
that would mean that I had even less
time when I was awake
to do anything other than mowing lawns
the second variable is skill right
everyone has a particular set of skills
that the market determines how much that
the market is willing to pay you for
your time
someone working at McDonald's is going
to make less per hour
than somebody who is a brain surgeon
because of the differential and skill
and because of how long it actually
takes to acquire the skills to become a
brain surgeon so if you're looking to
make more money there's basically three
options that you have to be able to
choose from the first option is what I
call the terrible solution right the
terrible solution means working more
hours at the same rate per hour which is
really crazy to think about because
these people were bragging about
sacrificing their nights sacrificing
their weekends sacrificing spending more
time with their families which meant
that they worked more and that was the
craziest thing in the world to me the
better solution is to learn a more
valuable skill so instead of making $10
an hour mowing lawns I'm making $15 an
hour mowing lawns and also doing
landscaping for example so how do you
actually learn more valuable skills well
some people go to college right some
people learn more from a school and get
specific training to become things like
an accountant or an engineer this is one
way to do it it's the way that I
actually personally did it is it the
right way to do it not necessarily what
I go to college again personally
probably not but there's other ways to
actually acquire more valuable skills
everyday people actually make themselves
more valuable to the market by learning
things that are valuable right whether
it's learning how to create an
e-commerce store on Shopify or learning
how to sell on Amazon or learning
Facebook ads or digital marketing right
every time that you do this every time
that you join a course or a program or a
free training or whatever it is your
brain is literally getting more valuable
and you are becoming more valuable to
the market and every time you become
more valuable to the market right that
means that someone out there somewhere
is willing to pay you more per hour than
you were able to make before you learned
those valuable skills this is what I
like to call the better solution but
it's still nowhere near perfect the best
solution to this particular problem
actually has nothing to do with the
formula that I showed you because
there's inherent restraints and what I
mean by that is you either have to learn
more skills to make your time more
valuable or you have to sacrifice more
of your time to actually make more money
when you operate in the trade
additional format of making money right
all of us have this this thought in our
brain that we have programmed into us
early by society our parents schools
that you have to earn money for your
time but this is actually not true right
there's a much better model to actually
be able to create wealth for yourself
without directly sacrificing an hour of
your time for a specific amount of money
so everything that we've talked about up
until right now is what I like to call
manual income and what I mean by that is
you have to manually work you have to
manually physically be there actively
working to be able to make money which
means that if you work Monday through
Friday for eight hours a day or ten
hours a day or whatever it is right
you're earning money for that time but
then on the weekend when you're not
working you're earning $0 now the better
way to actually make money is something
called passive income and you're
probably saying yourself yes Kevin of
course I've heard about passive income
but have you ever really thought about
passive income and what it can do for
your life if you create passive income
streams correctly you do the work
upfront and then after you do that work
upfront you do nothing else and you
continue to make money from the work you
did up front month after month after
month after month but the problem with
passive income is that so few people are
actually willing to put the work up
front for something that they don't see
an immediate massive benefit from most
people in the world are more willing to
put one hour of their life working at
Subway for an immediate $10 then they
are to work ten hours on passive income
and get zero benefit from it today what
they'll have a huge benefit from it you
know a month from now or six months from
now and they'll continue to have that
benefit and that benefit will continue
to grow month after month after month
but it takes time to get started and
there's no immediate return Society
today's become so about an immediate
sense of gratification whether it's from
social media or your phone or video
games or everything that people are
doing nowadays people are so impatient
and require instant gratification but
what people don't realize is that if you
put the work in upfront then you can
have a massive life long benefit you
just won't have any benefit
immediately and so the beauty of this
formula and the beauty of how passive
income truly works is you can spend one
hour right now working at Subway and you
can have $10 one time or you can invest
that same hour right it doesn't matter
if you're working at Subway or you're
working on your own passive income that
same hour will still pass either way but
there's two outcomes you can have $10
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